By Baffour Badu, Financial Services Vertical Lead at Yahoo
Research from eMarketer indicates that the financial services industry is the third-largest digital ad spender, and it shows no signs of abating. However it’s a crowded marketplace and financial brands face considerable pressure to create personal connections and build a loyal customer base. In order to have a more personal touch and capture the attention of consumers, marketers are increasingly capitalising on video.
Video advertising made up 30% of total digital ad spend in the UK, equating to £474m, signalling that brands need to start thinking differently about their marketing approach. Here are five key considerations for financial marketers looking to harness the power of video and stand out from the crowd.
- Digital video makes an emotional connection. In addition to working for direct response campaigns, digital video offers a powerful opportunity to tell a story around your brand. Our research found that Millennials are most responsive to video ads that drive emotion, especially those with a comedic or dramatic tone. When thinking through your video strategy, focus on creative that will provide value to viewers and inspire them.
- Take your video strategy native. Native advertising is a powerful way to capture consumer attention without disrupting the overall experience, so it’s no surprise that native video drives strong engagement. Financial marketers have an opportunity to double down on native ads and even consider how this format can complement their content marketing strategies.
- Live video is powerful. Watching live video online is not only popular with consumers, but it also drives impressive results for marketers. Our research shows that brand favorability is 481% higher for video ads shown in a live context, and purchase intent is 77% higher.
- Target at scale with programmatic. Programmatic video helps marketers deliver engaging content and stories to different audiences at scale. The industry is continuing to find more efficient ways to produce great creative, and that means programmatic will open up more opportunities for financial marketers.
- Measure video differently. As the digital video ecosystem continues to grow, we need to reevaluate how we measure the performance of video campaigns. Standard digital advertising metrics, like impressions served, clicks, and conversions are important, but engagement, audience, and viewability metrics help to reveal the impact your digital video campaign is generating.
With these tips, financial marketers can effectively tap into the power of digital video advertising and engage with their target audiences for maximum impact.